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Financial News: New Zealand Manufacturing Activity Falls 1.2% In Q2

New Zealand Manufacturing Activity Falls 1.2% In Q2

09/09/2018 - 19:48:00 (RTTNews)

(RTTNews) - Manufacturing activity in New Zealand slid a seasonally adjusted 1.2 percent on quarter in the second quarter of 2018, Statistics New Zealand said on Monday.

The value of total manufacturing sales jumped 1.8 percent on quarter.

The volume of manufacturing sales fell 1.2 percent on quarter, marking the largest drop in five years.

The main movements by industry were: petroleum and coal products, down 8.0 percent; chemical, polymer, and rubber products, down 7.9 percent; and meat and dairy products, up 1.6 percent.

The value of manufacturing sales was up 1.8 percent in Q2 following a 0.7 percent rise in the previous quarter.

The main movements by industry were: meat and dairy products, up NZ$359 million (4.5 percent); chemical, polymer, and rubber products, down NZ$146 million (5.8 percent); and beverage and tobacco products, down NZ$109 million (7.1 percent).

The volume of finished goods stocks for total manufacturing was 6.7 percent higher on year in the second quarter.

The volume for the meat and dairy industry rose 19.3 percent on year.

When excluding meat and dairy manufacturing, the volume of finished goods stocks fell slightly (0.2 percent) on an annual basis.

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